Healthcare REITs 2Q26 Earnings Preview | North America: Low Supply, High Expectations For Senior Housing; Puts and Takes for Life Science; Positive WELL and AHR Into Print

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Healthcare REITs 2Q26 Earnings Preview | North America: Low Supply, High Expectations For Senior Housing; Puts and Takes for Life Science; Positive WELL and AHR Into Print

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July 9, 2026 07:57 PM GMT

Morgan Stanley & Co. LLCMHealthcare REITs 2Q26 Earnings Preview | North Ronald Kamdem, CFA

America Equity Analyst

Ronald.Kamdem@morganstanley.com +1 212 296-8319

Derrick Metzler

Research AssociateLow Supply, High Expectations Derrick.Metzler@morganstanley.com +1 212 761-3366

Adam Kramer

Equity AnalystFor Senior Housing; Puts and Adam.Kramer@morganstanley.com +1 212 761-4623

Real Estate Investment TrustsTakes for Life Science; Positive North America

WELL and AHR Into Print Industry View In-Line

Exhibit 1 : NTM FFO Premium to REITs:

Healthcare extends premium to +43%, WELL to

We preview earnings for 8 senior housing and life science REITs/

+76%

companies. We remain constructive on senior housing (OW

Healthcare WELL VTR AHR

100%

JAN DOC ARE NHPWELL, OW AHR, OW JAN, EW VTR), with continued strong 80%

60% JAN, 44% WELL, 76%

Healthcare, 43%fundamentals providing additional support. We recently initiated 40%

VTR, 16% AHR, 27%

on NHP (EW) and downgraded ARE (UW) and DOC (EW). 20%0% NHP, 3%

-20%

-40%

Key Takeaways -60%-80% DOC,ARE,-38%-59%

1Q00A 1Q01A 1Q02A 1Q03A 1Q04A 1Q05A 1Q06A 1Q07A 1Q08A 1Q09A 1Q10A 1Q11A 1Q12A 1Q13A 1Q14A 1Q15A 1Q16A 1Q17A 1Q18A 1Q19A 1Q20A 1Q21A 1Q22A 1Q23A 1Q24A 1Q25A 1Q26A Healthcare outperformed YTD with total return of +20.2% compared to +14.9%

for REITs, driven by DOC +41.0%, WELL +28.9%, SNDA +25.5%, VTR +23.1%, and Source: FactSet, Morgan Stanley Research

AHR +17.9%

Senior housing fundamentals tightened versus last cycle, with record-low supply Exhibit 2 : MSe FFO Per Share Growth